The well-being of dependent children and grandchildren
Providing for charitable giving
Taxes
“The number-one reason is taxes,” Haisman noted, adding that Canada’s aging population and its higher-than-ever levels of wealth make this consideration more important than previously.
Because of the tax concern, advisors must have a healthy regard for tax liabilities associated with situations such as the liquidation of a client’s RRSP or RRIF on her death. It also means having a healthy regard for potential legal fallout.
“There are lawsuits happening now where families are showing up and saying, ‘Mom just died. We don’t have $500,000 anymore. We have about $260,000… You didn’t tell Mom that this was going to happen, so we’re going to sue you,'” noted the speaker.
Tax bills can bring serious consequences such as forcing heirs to sell assets or attempting to obtain bank loans against estate assets. That can mean either paying for the cost of borrowing or, more likely, a rejected loan application since banks will rarely loan money under these circumstances.
Dealing with these problems and ensuring estate preservation means broaching the use of universal life or whole life insurance with clients and positioning the decision as asset re-allocation. The payouts are tax-free and bypass the probate procedures so that funds become available for expenses shortly after the client’s decease.
Illustrating this need means asking clients the following three pointed questions, according to Haisman:
Are you concerned?
Are you willing to re-allocate money into an environment you’ve probably never even heard about before, which is universal life insurance?
Are you insurable?
Once accepted by the client, the concept of re-allocation easily leads to taking inventory of the estate assets to be preserved, he said. Haisman created the strategy The Canadian Estate Planning Organizer to fulfill a need for clear information on estate planning.
“I created this specifically because I grew very frustrated with the nonsense I hear from life insurance companies… all about product, product, product,” said Haisman, adding that advisors and clients both wanted clear and understandable materials.
As well as checklists of assets, the book contains lists of relatives, explanations of legal documents such as the power of attorney, a guide to funeral pre-planning and other information up to and including care of family pets after a client’s death. “Who’s going to look after the cat?” he asked. “They’re very concerned about the cat’s well-being.”
Notwithstanding the care and feeding of felines, estate planning appears to be one of the fastest growing areas of consumer finance in Canada and an area in which many advisors could profitably increase their income while providing invaluable assistance to clients. In 1999, the most recent year for which figures appear available, 44% of Canadians did not have a will and 42% of Canadians had not done any estate planning, according to a Decima Research report to the Canadian Bar Association.
However, as with other services and products, history may repeat itself. Independent advisors may find themselves increasingly competing with major banks for client loyalty in this area. The Bank of Nova Scotia has recently been broadcasting a television commercial also focusing on providing for dependants and estate preservation.
Art Melo is a Toronto-based investment writer.
(03/30/04)
Heirs who cannot manage money
The well-being of dependent children and grandchildren
Providing for charitable giving
Taxes
“The number-one reason is taxes,” Haisman noted, adding that Canada’s aging population and its higher-than-ever levels of wealth make this consideration more important than previously.
Because of the tax concern, advisors must have a healthy regard for tax liabilities associated with situations such as the liquidation of a client’s RRSP or RRIF on her death. It also means having a healthy regard for potential legal fallout.
“There are lawsuits happening now where families are showing up and saying, ‘Mom just died. We don’t have $500,000 anymore. We have about $260,000… You didn’t tell Mom that this was going to happen, so we’re going to sue you,'” noted the speaker.
Tax bills can bring serious consequences such as forcing heirs to sell assets or attempting to obtain bank loans against estate assets. That can mean either paying for the cost of borrowing or, more likely, a rejected loan application since banks will rarely loan money under these circumstances.
Dealing with these problems and ensuring estate preservation means broaching the use of universal life or whole life insurance with clients and positioning the decision as asset re-allocation. The payouts are tax-free and bypass the probate procedures so that funds become available for expenses shortly after the client’s decease.
Illustrating this need means asking clients the following three pointed questions, according to Haisman:
Are you concerned?
Are you willing to re-allocate money into an environment you’ve probably never even heard about before, which is universal life insurance?
Are you insurable?
Once accepted by the client, the concept of re-allocation easily leads to taking inventory of the estate assets to be preserved, he said. Haisman created the strategy The Canadian Estate Planning Organizer to fulfill a need for clear information on estate planning.
“I created this specifically because I grew very frustrated with the nonsense I hear from life insurance companies… all about product, product, product,” said Haisman, adding that advisors and clients both wanted clear and understandable materials.
As well as checklists of assets, the book contains lists of relatives, explanations of legal documents such as the power of attorney, a guide to funeral pre-planning and other information up to and including care of family pets after a client’s death. “Who’s going to look after the cat?” he asked. “They’re very concerned about the cat’s well-being.”
Notwithstanding the care and feeding of felines, estate planning appears to be one of the fastest growing areas of consumer finance in Canada and an area in which many advisors could profitably increase their income while providing invaluable assistance to clients. In 1999, the most recent year for which figures appear available, 44% of Canadians did not have a will and 42% of Canadians had not done any estate planning, according to a Decima Research report to the Canadian Bar Association.
However, as with other services and products, history may repeat itself. Independent advisors may find themselves increasingly competing with major banks for client loyalty in this area. The Bank of Nova Scotia has recently been broadcasting a television commercial also focusing on providing for dependants and estate preservation.
Art Melo is a Toronto-based investment writer.
(03/30/04)
Heirs who cannot manage money
The well-being of dependent children and grandchildren
Providing for charitable giving
Taxes
“The number-one reason is taxes,” Haisman noted, adding that Canada’s aging population and its higher-than-ever levels of wealth make this consideration more important than previously.
Because of the tax concern, advisors must have a healthy regard for tax liabilities associated with situations such as the liquidation of a client’s RRSP or RRIF on her death. It also means having a healthy regard for potential legal fallout.
“There are lawsuits happening now where families are showing up and saying, ‘Mom just died. We don’t have $500,000 anymore. We have about $260,000… You didn’t tell Mom that this was going to happen, so we’re going to sue you,'” noted the speaker.
Tax bills can bring serious consequences such as forcing heirs to sell assets or attempting to obtain bank loans against estate assets. That can mean either paying for the cost of borrowing or, more likely, a rejected loan application since banks will rarely loan money under these circumstances.
Dealing with these problems and ensuring estate preservation means broaching the use of universal life or whole life insurance with clients and positioning the decision as asset re-allocation. The payouts are tax-free and bypass the probate procedures so that funds become available for expenses shortly after the client’s decease.
Illustrating this need means asking clients the following three pointed questions, according to Haisman:
Are you concerned?
Are you willing to re-allocate money into an environment you’ve probably never even heard about before, which is universal life insurance?
Are you insurable?
Once accepted by the client, the concept of re-allocation easily leads to taking inventory of the estate assets to be preserved, he said. Haisman created the strategy The Canadian Estate Planning Organizer to fulfill a need for clear information on estate planning.
“I created this specifically because I grew very frustrated with the nonsense I hear from life insurance companies… all about product, product, product,” said Haisman, adding that advisors and clients both wanted clear and understandable materials.
As well as checklists of assets, the book contains lists of relatives, explanations of legal documents such as the power of attorney, a guide to funeral pre-planning and other information up to and including care of family pets after a client’s death. “Who’s going to look after the cat?” he asked. “They’re very concerned about the cat’s well-being.”
Notwithstanding the care and feeding of felines, estate planning appears to be one of the fastest growing areas of consumer finance in Canada and an area in which many advisors could profitably increase their income while providing invaluable assistance to clients. In 1999, the most recent year for which figures appear available, 44% of Canadians did not have a will and 42% of Canadians had not done any estate planning, according to a Decima Research report to the Canadian Bar Association.
However, as with other services and products, history may repeat itself. Independent advisors may find themselves increasingly competing with major banks for client loyalty in this area. The Bank of Nova Scotia has recently been broadcasting a television commercial also focusing on providing for dependants and estate preservation.
Art Melo is a Toronto-based investment writer.
(03/30/04)
“We have to be very careful not to use jargon — insurance talk — and speak to [clients] in plain language so that they understand what it is they are up against,” said Haisman, co-author of The Canadian Estate Planning Organizer and an insurance advisor at Assante Estate and Insurance Services Inc. in Sarnia, Ontario.
According to Haisman, clients have four main concerns when it comes to estate preservation and advisors must balance these concerns against clients’ misconceptions and a natural hesitation to undertake estate planning, given its association with their mortality. The four main concerns are:
Heirs who cannot manage money
The well-being of dependent children and grandchildren
Providing for charitable giving
Taxes
“The number-one reason is taxes,” Haisman noted, adding that Canada’s aging population and its higher-than-ever levels of wealth make this consideration more important than previously.
Because of the tax concern, advisors must have a healthy regard for tax liabilities associated with situations such as the liquidation of a client’s RRSP or RRIF on her death. It also means having a healthy regard for potential legal fallout.
“There are lawsuits happening now where families are showing up and saying, ‘Mom just died. We don’t have $500,000 anymore. We have about $260,000… You didn’t tell Mom that this was going to happen, so we’re going to sue you,'” noted the speaker.
Tax bills can bring serious consequences such as forcing heirs to sell assets or attempting to obtain bank loans against estate assets. That can mean either paying for the cost of borrowing or, more likely, a rejected loan application since banks will rarely loan money under these circumstances.
Dealing with these problems and ensuring estate preservation means broaching the use of universal life or whole life insurance with clients and positioning the decision as asset re-allocation. The payouts are tax-free and bypass the probate procedures so that funds become available for expenses shortly after the client’s decease.
Illustrating this need means asking clients the following three pointed questions, according to Haisman:
Are you concerned?
Are you willing to re-allocate money into an environment you’ve probably never even heard about before, which is universal life insurance?
Are you insurable?
Once accepted by the client, the concept of re-allocation easily leads to taking inventory of the estate assets to be preserved, he said. Haisman created the strategy The Canadian Estate Planning Organizer to fulfill a need for clear information on estate planning.
“I created this specifically because I grew very frustrated with the nonsense I hear from life insurance companies… all about product, product, product,” said Haisman, adding that advisors and clients both wanted clear and understandable materials.
As well as checklists of assets, the book contains lists of relatives, explanations of legal documents such as the power of attorney, a guide to funeral pre-planning and other information up to and including care of family pets after a client’s death. “Who’s going to look after the cat?” he asked. “They’re very concerned about the cat’s well-being.”
Notwithstanding the care and feeding of felines, estate planning appears to be one of the fastest growing areas of consumer finance in Canada and an area in which many advisors could profitably increase their income while providing invaluable assistance to clients. In 1999, the most recent year for which figures appear available, 44% of Canadians did not have a will and 42% of Canadians had not done any estate planning, according to a Decima Research report to the Canadian Bar Association.
However, as with other services and products, history may repeat itself. Independent advisors may find themselves increasingly competing with major banks for client loyalty in this area. The Bank of Nova Scotia has recently been broadcasting a television commercial also focusing on providing for dependants and estate preservation.
Art Melo is a Toronto-based investment writer.
(03/30/04)
Robert Haisman explains estate preservation to advisors at the Peel Institute symposium.
(March 30, 2004) Effectively delivering the message and communicating with clients about estate preservation means keeping the conversation simple and clear, explained insurance advisor and author Robert Haisman during his presentation at the Peel Institute’s educational symposium in Toronto on Monday.
“We have to be very careful not to use jargon — insurance talk — and speak to [clients] in plain language so that they understand what it is they are up against,” said Haisman, co-author of The Canadian Estate Planning Organizer and an insurance advisor at Assante Estate and Insurance Services Inc. in Sarnia, Ontario.
According to Haisman, clients have four main concerns when it comes to estate preservation and advisors must balance these concerns against clients’ misconceptions and a natural hesitation to undertake estate planning, given its association with their mortality. The four main concerns are:
Heirs who cannot manage money
The well-being of dependent children and grandchildren
Providing for charitable giving
Taxes
“The number-one reason is taxes,” Haisman noted, adding that Canada’s aging population and its higher-than-ever levels of wealth make this consideration more important than previously.
Because of the tax concern, advisors must have a healthy regard for tax liabilities associated with situations such as the liquidation of a client’s RRSP or RRIF on her death. It also means having a healthy regard for potential legal fallout.
“There are lawsuits happening now where families are showing up and saying, ‘Mom just died. We don’t have $500,000 anymore. We have about $260,000… You didn’t tell Mom that this was going to happen, so we’re going to sue you,'” noted the speaker.
Tax bills can bring serious consequences such as forcing heirs to sell assets or attempting to obtain bank loans against estate assets. That can mean either paying for the cost of borrowing or, more likely, a rejected loan application since banks will rarely loan money under these circumstances.
Dealing with these problems and ensuring estate preservation means broaching the use of universal life or whole life insurance with clients and positioning the decision as asset re-allocation. The payouts are tax-free and bypass the probate procedures so that funds become available for expenses shortly after the client’s decease.
Illustrating this need means asking clients the following three pointed questions, according to Haisman:
Are you concerned?
Are you willing to re-allocate money into an environment you’ve probably never even heard about before, which is universal life insurance?
Are you insurable?
Once accepted by the client, the concept of re-allocation easily leads to taking inventory of the estate assets to be preserved, he said. Haisman created the strategy The Canadian Estate Planning Organizer to fulfill a need for clear information on estate planning.
“I created this specifically because I grew very frustrated with the nonsense I hear from life insurance companies… all about product, product, product,” said Haisman, adding that advisors and clients both wanted clear and understandable materials.
As well as checklists of assets, the book contains lists of relatives, explanations of legal documents such as the power of attorney, a guide to funeral pre-planning and other information up to and including care of family pets after a client’s death. “Who’s going to look after the cat?” he asked. “They’re very concerned about the cat’s well-being.”
Notwithstanding the care and feeding of felines, estate planning appears to be one of the fastest growing areas of consumer finance in Canada and an area in which many advisors could profitably increase their income while providing invaluable assistance to clients. In 1999, the most recent year for which figures appear available, 44% of Canadians did not have a will and 42% of Canadians had not done any estate planning, according to a Decima Research report to the Canadian Bar Association.
However, as with other services and products, history may repeat itself. Independent advisors may find themselves increasingly competing with major banks for client loyalty in this area. The Bank of Nova Scotia has recently been broadcasting a television commercial also focusing on providing for dependants and estate preservation.
Art Melo is a Toronto-based investment writer.
(03/30/04)
Robert Haisman explains estate preservation to advisors at the Peel Institute symposium.
(March 30, 2004) Effectively delivering the message and communicating with clients about estate preservation means keeping the conversation simple and clear, explained insurance advisor and author Robert Haisman during his presentation at the Peel Institute’s educational symposium in Toronto on Monday.
“We have to be very careful not to use jargon — insurance talk — and speak to [clients] in plain language so that they understand what it is they are up against,” said Haisman, co-author of The Canadian Estate Planning Organizer and an insurance advisor at Assante Estate and Insurance Services Inc. in Sarnia, Ontario.
According to Haisman, clients have four main concerns when it comes to estate preservation and advisors must balance these concerns against clients’ misconceptions and a natural hesitation to undertake estate planning, given its association with their mortality. The four main concerns are:
Heirs who cannot manage money
The well-being of dependent children and grandchildren
Providing for charitable giving
Taxes
“The number-one reason is taxes,” Haisman noted, adding that Canada’s aging population and its higher-than-ever levels of wealth make this consideration more important than previously.
Because of the tax concern, advisors must have a healthy regard for tax liabilities associated with situations such as the liquidation of a client’s RRSP or RRIF on her death. It also means having a healthy regard for potential legal fallout.
“There are lawsuits happening now where families are showing up and saying, ‘Mom just died. We don’t have $500,000 anymore. We have about $260,000… You didn’t tell Mom that this was going to happen, so we’re going to sue you,'” noted the speaker.
Tax bills can bring serious consequences such as forcing heirs to sell assets or attempting to obtain bank loans against estate assets. That can mean either paying for the cost of borrowing or, more likely, a rejected loan application since banks will rarely loan money under these circumstances.
Dealing with these problems and ensuring estate preservation means broaching the use of universal life or whole life insurance with clients and positioning the decision as asset re-allocation. The payouts are tax-free and bypass the probate procedures so that funds become available for expenses shortly after the client’s decease.
Illustrating this need means asking clients the following three pointed questions, according to Haisman:
Are you concerned?
Are you willing to re-allocate money into an environment you’ve probably never even heard about before, which is universal life insurance?
Are you insurable?
Once accepted by the client, the concept of re-allocation easily leads to taking inventory of the estate assets to be preserved, he said. Haisman created the strategy The Canadian Estate Planning Organizer to fulfill a need for clear information on estate planning.
“I created this specifically because I grew very frustrated with the nonsense I hear from life insurance companies… all about product, product, product,” said Haisman, adding that advisors and clients both wanted clear and understandable materials.
As well as checklists of assets, the book contains lists of relatives, explanations of legal documents such as the power of attorney, a guide to funeral pre-planning and other information up to and including care of family pets after a client’s death. “Who’s going to look after the cat?” he asked. “They’re very concerned about the cat’s well-being.”
Notwithstanding the care and feeding of felines, estate planning appears to be one of the fastest growing areas of consumer finance in Canada and an area in which many advisors could profitably increase their income while providing invaluable assistance to clients. In 1999, the most recent year for which figures appear available, 44% of Canadians did not have a will and 42% of Canadians had not done any estate planning, according to a Decima Research report to the Canadian Bar Association.
However, as with other services and products, history may repeat itself. Independent advisors may find themselves increasingly competing with major banks for client loyalty in this area. The Bank of Nova Scotia has recently been broadcasting a television commercial also focusing on providing for dependants and estate preservation.
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
